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Economic Update

The MPC retains the Central Bank Rate (CBR) at 7.0%

The Monetary Policy Committee (MPC) met on 26th January 2022 for the first time this year to review the outcome of its previous decisions, including measures implemented to mitigate the adverse economic effects and financial disruptions from the pandemic.

The MPC noted that as per the most recent GDP data, the economy had rebounded by 9.9% in the third quarter, confirming that recovery in 2021 was strong. Growth in 2022 is expected to remain strong supported by robust performance in the services sector, recovery in agriculture and an improvement in global demand. Inflation is expected to remain within the target range in the near term, with muted demand pressures and the impact of Government measures to lower electricity tariffs and stabilize fuel prices.

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